Chancellor Jeremy Hunt is set to deliver his Autumn Statement today. But what time will the Statement be read and what is Jeremy Hunt expected to say? Here's everything you need to know.
What time is the Autumn Statement on November 22?
Today's Autumn Statement will be read in the House of Commons and is set to take place at midday. The announcement usually starts around 12.30pm – directly after Prime Minister's Questions and typically lasts around one hour. After the Statement, Shadow Chancellor Rachel Reeves responds, and then other MPs ask questions about the Statement. The Office for Budget Responsibility (OBR) will then publish a report outlining how the economy is doing and its forecasts.
What is Jeremy Hunt expected to say?
The annual fiscal event sees the government outline its plans for tax hikes, cuts and things like changes to the minimum wage. From the hotly anticipated annual benefit uprating to tax cuts – here's what might come to fruition today. The PM has said the Chancellor would use today's Autumn Statement to "turn our attention to tax cuts". But Jeremy Hunt is said to not be considering raising income tax thresholds despite a record tax take. Instead, any major cuts announced will instead probably offer changes to National Insurance. The Chancellor is reportedly proposing a cut to Class 4 NI contributions paid by those who are self-employed. These taxpayers pay 9% on profits between £12,570 and £50,270 and 2% on profits over £50,270. But Jeremy Hunt could also raise the threshold at which NI is paid by employees.
Also expected to be discussed is benefits. Reports have suggested that the government may instead use October's inflation figure to uprate benefits in the spring. This would mean that Universal Credit payments could rise by 4.6% instead of 6.7%. Using the October inflation rate would cut working-age benefits spending by about £3 billion in 2024–25, according to research by the Institute for Fiscal Studies (IFS). The move would affect just under nine million UK households.
Jeremy Hunt will also confirm how much state pension payments will rise by in the Autumn Statement. It is also likely that drivers will be saved from more petrol price rises as there are no changes for fuel duty expected in the Autumn Statement. The Chancellor is also said to be considering a change to ISA rules next year so that people can pay money into more than one ISA of each type in a tax year. As well as this, Jeremy Hunt is said to be mulling over a package of support to help first-time buyers get on the property ladder. One of the options said to be being considered is an extension to the government's mortgage guarantee scheme. It allows buyers with a small deposit of 5% to get a 95% loan-to-value (LTV) mortgage. The initiative was originally due to finish at the end of 2022, but it is now set to come to an end on December 31, 2023. The Treasury is also said to be considering a new type of individual savings account (ISA), targeted at people looking to get a deposit together. Other topics expected to be addressed in the Statement include local housing allowance, inheritance tax, stamp duty cuts, council tax hikes, business rates and alcohol duty. Hard-up households will also be wondering if any more cost of living payments are in the pipeline. If more support is in the pipeline, we'd be surprised if it isn't covered in the Chancellor's Statement.
